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dg9
Level 1

Any news on the new Fair Market Value tool being available?

When will the donations' fair market value tool be available?  TT message says "soon".  Please define "soon".

Also, this feature is why we have purchased TT over your competitors - this is very disappointing.  Your price goes up and your value goes down.  Thank you for your attention to this matter.

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3 Replies
DianeW777
Employee Tax Expert

Any news on the new Fair Market Value tool being available?

This is not available at this time however there are several places to arrive at your estimated value for the donations of personal items.

 

For examples see the links below for a guide to assist.

Any reasonable method will be appropriate, just keep the details with your tax records should you need it later.

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mdw240
New Member

Any news on the new Fair Market Value tool being available?

Can you answer the question asked by the original post? In the On Demand Help in the app it states "COMING SOON: We’re working on a new tool to help you look up the fair market value of your item. We expect it to be ready soon, but you can file without it" Can you provide any update on this tool and timing? The original post wasn't asking for alternatives but for information on this message in the application. (We know there are other ways to get FMV but we were relying on TurboTax to make the process convenient.) I agree with the original post that this is one of the reasons I have been using TurboTax and leads me to want to explore other options. Given the message in the system help I would like to know specifically what TurboTax has planned and the timing so I can evaluate it against other options. 

CatinaT1
Employee Tax Expert

Any news on the new Fair Market Value tool being available?

There will be a new tool that will help calculate the Fair Market Value (FMV) of the donated items. However, no information on when it is going to be available yet.

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